ARK Invest Continues Buying DraftKings, Genius Sports

Cathie Wood’s ARK Investment Management remains bullish on DraftKings (NASDAQ:DKNG) and Genius Sports (NYSE:GENI) and is adding to stakes inward those sports betting stocks.

Wood is also using pullbacks to add to those positions. For example, shares of DraftKings plunged utmost Tues when it was revealed the society is pursuing a takeover of Entain Plc (OTC:GMVHY). type A solar day after that entreat was publicized, ARK bought almost $40 trillion worth of DraftKings buy in or nearly 760,000 shares,

Of that tally, almost 600,000 shares were directed to the ARK Innovation ETF (NYSEARCA:ARKK) — the issuer’s largest exchange-traded fund. The balance were allocated to the ARK Next Generation ETF (NYSEARCA:ARKW).

On Monday, the New York-based monetary fund issuer made a to a greater extent small purchase inward DraftKings of 131,810 shares, steerage all of that purchase to the ARK Fintech Innovation ETF (NYSEARCA:ARKF).

ARK Big Fan of DraftKings Stock

ARK has been buying DraftKings inventory since February, and today Wood’s firm is 1 the largest institutional owners of the gaming stock.

As of Sept. 27, the aforementioned ARKK holds 10.41 million shares of the sportsbook operator, making the carry the fund’s 17th-largest holding at a weighting of 2.56 percent. ARKW, the cyberspace ETF, owns 3.55 million shares of the stock, making it the list 12 view in that fund at an allocation of 3.40 percent. The Fintech Innovation ETF devotes 2.18 percent of its weighting to DraftKings stock, eq to 1.41 zillion shares.

The monetary fund issuer hasn’t commented publically on DraftKings’ sweat to gain Entain, which at present revolves around a $22.4 one million million cash in and stockpile proposal. Speculation is growing that the suitor is pursuing the place for its technology in what could finally be the biggest acquisition to engagement inward the sports betting industry.

The fate of BetMGM, of which Entain owns half, could find how DraftKings’ courting of the Ladbrokes owner goes. MGM Resorts International (NYSE:MGM) owns the other half of the online gaming entity and wants full control. If an understanding tin live worked come out where MGM gains that check and DraftKings sharpen on Entain’s other businesses and tech stack, the UK companionship could live acquired. DraftKings has until Oct. 19 to do a formal offer.

ARK Devoted to Genius, Too

On Monday, ARK added 53,600 shares of Genius Sports to ARKW. That doesn’t go the likes of much, but Wood’s unwaveringly has lately been a persevering vendee of the sports betting data provider’s shares.

Last Friday, ARK bought 89,426 shares of Genius, also directional that purchase to ARKW. The prior day, the monetary fund manager scooped upward almost 155,000 shares of that stock, adding that buy to the cyberspace ETF. In quartet of cobbler's last week’s Little Phoebe trading days, ARK accumulated Genius stock, with all those purchases allocated to the net ETF.

ARKW holds 3.11 1000000 shares of Genius, import the stock up accounts for 1.07 percent of the fund’s weight.